Are you interested in buying a distressed property? Pre-foreclosure filings were on the rise last month in Florida, placing it at the No. 2 spot across the nation for total filings and filings per capita, claims Foreclosures.com. In first place was California with 132,101 year-to-date pre-foreclosures, and Florida followed closely behind with 111,236. Florida was also just behind Nevada’s 2.55 percent per capita with a 1.76 percent per capita.
In July alone, Florida had 21,120 filings, which was well above the 13,005 filed in June. These were still very close to the numbers in California who had a total of 23,662 filings in July. However, they were much higher than the 6,498 cases filed in Texas. A report from Realty Trac. shows that Florida is number two in the rankings of the most foreclosures in the United States for the month of July. Florida was also ranked seventh in the entire country when it came to foreclosure rates. This includes one filing out of every 431 households. This is 1.6 times the entire country’s average.
Last month there were a total of 179,599 filings reported last month. This number was an increase of nine percent of the previous month and a whopping ninety-six percent increase from July 2006. The report also indicated that for every 693 households, there is one foreclosure filing.
Pre-foreclosures occur when homeowners are in default on their mortgages and may also have notice of default or notice of auction included in them. Not all pre-foreclosures end in the homeowner losing their home.
However, up until July of this year, 18,935 homes in Florida were taken from homeowners under pre-foreclosure. This makes up for 0.3 percent per capita. In July alone, 4,268 homeowners lost their homes, a huge increase from June’s 2,691. Even with these staggering numbers, the state still does not rank among the country’s top ten for homes lost due to pre-foreclosure.
The country’s total of pre-foreclosure filings totaled 617,162, which is 0.8 percent per capita. Of those, 100,421 were in July alone. Homes lost to pre-foreclosure were at a total of 300,938 or 0.37 percent per capita. In June there were a total of 51,373 in the country, which was still not as many as 41,535 homes lost in the month of June.
These numbers are not good but they are bound to continue for another twelve to eighteen months. This spells bad news for homeowners that aren’t even in default yet but may be in the near future as these numbers are sure to make for tightened credit markets, making it even easier for homeowners to eventually lose their homes.
If you are looking to Purchase a distressed property now is a great time. We can assist you in finding and purchasing these types of Orlando properties at no cost to you. Please contact Jeffrey Funk at 407-438-4028
Additional Information: Central Florida Bank Owned Real Estate
Jeffrey G. Funk, P.A.
Realty Executives Central Florida
7932 West Sand Lake Road • Suite 302
Orlando, FL 32819